Bitcoin’s journey since its inception has been marked by significant price fluctuations and noteworthy trends. According to MikybullCrypto’s analysis of Bitcoin’s price movements, the market is showing promising signs of reaching a target of $111,000, particularly with the breakout expected in Q4 2024.This potential rise could pave the way for an even higher goal of $215,000.
Halving Events & Key Support Levels
Over the past decade, Bitcoin has demonstrated a clear long-term uptrend. This trend is characterized by a series of higher highs and higher lows. Historical data highlights how Bitcoin’s price movements have been influenced by its halving events. Each halving, denoted by green vertical lines on the chart, typically triggers a bullish phase, followed by a correction or consolidation period.
Key support levels provide insight into Bitcoin’s resilience during downturns. For instance, in Q4 2015, Bitcoin hit a significant low around $200 before surging in 2017. Similarly, the $3,000 level in Q4 2018 marked the bottom of the bear market following the 2017 bull run. In Q4 2022, Bitcoin corrected to around $20,000 after reaching an all-time high in late 2021.
Current Market Conditions
On the resistance side, Bitcoin faced notable challenges. In Q4 2017, it peaked at approximately $20,000, which was a significant milestone during the 2017 bull run. By Q4 2021, Bitcoin reached $65,000 before correcting.
Bitcoin Faces Pressure as Open Interest Drops, Altcoins Rise
Bitcoin is testing a major resistance zone between $58,000 and $90,000. This zone represents a critical point where Bitcoin could either overcome resistance or experience a period of consolidation.
The market conditions as of press time show Bitcoin trading at $59,520.47 with a 24-hour trading volume of $33 billion. The cryptocurrency has declined by 0.21% in the last 24 hours. The 1-day RSI stands at 45.54, placing Bitcoin in a neutral zone. Additionally, the 1-day MACD trading below the signal line suggests a bearish trend might be emerging.
